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How to Begin the Process of PPI Claims

Probably, you already know a little information about payment protection insurance or PPI. However, if you are considering purchasing PPI or creating PPI claims it's always a good idea to get more information and details on this kind of insurance policy. To assist you in making an informed decision, read some of the important matters to consider before you make any commitment to a policy or PPI claims procedure.

The first thing that you have to know is the fact that you may have been mis-sold payment protection insurance in the past on another loan. There are over 20 million PPI policies held in the United Kingdom and many of those had been sold alongside loans, credit card, store cards, mortgages along with types of loans. A lot of consumer support group feel that around two million of these policies have already been mis-sold since year 2003 and you could very well be an owner of one of them. To see if you've got PPI claims start out the process of getting back your money.

After you take a new line of credit, a loan, a credit card, a store card, car finance or mortgage you might be often usually offered to take out PPI also to cover the repayments of your loan when you are struggling to do so, like when you fall into severe illness, accident or loss of employment. However, several policyholders have found out that they have been not able to help make PPI claims since the sales representative didn't point out that there are exclusions that could stop them from making PPI claims. Many banks and lending companies or credit companies neglected to point out these types of exclusions resulting in potentially millions of worthless and expensive mis-sold payment protection insurance agreements.

In some instances, policies were incorporated on to the loan without the permission or knowledge of the customer and in other instances, sales representatives of banks and lending companies informed the borrowers that they would get the loan only if they took out the policy. If you were not aware of the exclusions at the time of the purchase, you might be paying or have paid for a policy that you cannot benefit from. Two of the classic exclusions that were not highlighted by the sales representative are merely cover full time employees and doesn't cover a person after they reach the age of retirement.

Harry Tomas specialises in PPI claims and other financial products for British based business www.PPIClaimsUK.co.uk. He also covers unfair credit card charges and the financial claims sector generally, in addition to writing articles on personal finance, house sales, repossession and business finance.